Yesterday's fundamental events had a profound impact on the value of the US Dollar, forcing it to prolong the correction.
After a steady beginning of the week the Kiwi has picked up a bullish momentum, as the currency almost reached the psychological level at 0.80.
USD/CAD is continuing to appreciate even higher, after yesterday's jump above the 1.13 level.
The AUD/USD cross reached the 0.8850 level earlier today; however, now it has slipped below the December low at 0.8822.
The Euro is unable to surpass the major level at 136 thus far; however, it is attacking it.
EUR/JPY has been on a down-trend since the middle of September, when the pair failed to consolidate above the 141 mark. Since the pair could not find a bullish impetus it was forced to enter a downward trend. At the moment, the pair is challenging the upper trend-line of the pattern. At the same the 4H and daily technical indicators are
The EUR/AUD cross gained momentum, after reaching the lowest level in more than a year at 1.3799. Moreover, at this level the pair received a bullish impetus that helped to form a bullish channel. Currently, the pair is trading around the major level at 1.45, while the technical indicators are mixed. To our mind a bearish break-out is the most likely
Despite intensive selling the last few days the rising support line (Aug 17 and Sep 4 lows) remains intact.
There are signs USD/JPY has finally bottomed out at 106.60 after tumbling all the way from 110.
The Sterling took a major hit yesterday, falling nearly 200 pips in one day, as the support represented by the monthly S1 and now former 2014 low failed to nullify the downward momentum.
Although EUR/USD seemed to have found strong support at 1.26 when it hit the Aug-Sep down-trend, the rally initiated there was unable to penetrate the resistance at 1.2740.
NZD/USD currency pair has not changed much since the last time of writing, the most what it has done is reaching the major level at 0.79.
The US Dollar is continuing its gradual appreciation against the Canadian peer. As of today the pair reached the 1.1250 and traded just around 20 pips short of this year's high.
The Aussie slipped, after testing the 0.88 level today. Although, at the same time the AUD/USD cross managed to keep its positions above the major level at 0.87.
After approaching the weekly PP and July low at 136.37/39 the pair plummeted to set a new 2014 low at 135.04.
There is still a good possibility the bears will fail to push the price lower.
The currency pair is finally approaching a dense demand area that has the potential to terminate the current downward correction and negate the recent losses.
Unlike EUR/USD, which has recently broken the down-trend, GBP/USD will remain under selling pressure due to the resistance at 1.6168 being intact.
Right now EUR/USD is facing the resistance at 1.2740 represented by the 2013 low.
The last week was one of the few lately when NZD/USD advanced; moreover, the pair prolonged its advance today.
The USD/CAD cross has changed just slightly, after the last week's performance, when the US Dollar underperformed relative to the Loonie.
AUD/USD breached the weekly PP at 0.8743 today, after posting minor gains last week. The technical indicators are still to the downside; however.
The 18-nation currency opened below the last week's closing price and set a new this year's low at 135.55, even though the level approached past week was already the lowest level in a month.
For the time being USD/CHF is kept afloat by the three-month rising trend-line at 0.9530.